Open Shorts: Telcos and LithiumNovember 24, 2023
This week’s business news was marked by significant changes in leadership, with two CEOs being dismissed while one was reinstated. In other news, the lithium industry in Western Australia appears to be flourishing.
First, Optus CEO Kelly Bayer Rosmarin resigned, even though she said she wouldn’t. She was under much pressure since the outage, and the company’s response to the national crisis didn’t help their reputation. She was given the boot, not leaving on her terms despite her saying that she’d resigned.
Another big shock was Sam Altman’s firing as CEO of OpenAI. But the people spoke out, and 770 OpenAI employees signed a letter demanding that the board be sacked and Altman brought back.
On the brighter side and the junior end, West Australian lithium explorer Charger Metals (ASX:CHR) got together with Rio Tinto Exploration to work on the Lake Johnston lithium project. Rio has invested $1.2 million into Charger, showing belief in the company under Aidan Platel’s leadership. The company also got $2.7 million from investors to own Lake Johnston outright and funded more exploration at the project and its Bynoe lithium project in Australia’s top end.
Meanwhile, nickel and gold-focused Maximus Resources (ASX:MXR) has joined the lithium fray by coming to the table with auspicious early indications from its Kandui Prospect, part of the greater Lefroy lithium project.
Lastly, Chis Ellison’s Mineral Resources (ASX:MIN) got the green light to buy the Bald Hill lithium mine, completing a $260 million deal with Singapore-listed owner Alita Resources.
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